Enterprise Bancorp shareholders approve board nominees

Published 07/05/2025, 20:48
Enterprise Bancorp shareholders approve board nominees

LOWELL, MA - Shareholders of Enterprise Bancorp Inc. (NASDAQ:EBTC), a state commercial bank headquartered in Massachusetts with a market capitalization of $473 million, participated in the company’s 2025 annual meeting held virtually on May 6, 2025. The bank, which has delivered an impressive 58% return over the past year according to InvestingPro data, held its meeting to address the election of directors, an advisory vote on executive compensation, and the ratification of the company’s independent accounting firm.

The election saw all six board-nominated individuals confirmed for a three-year term on the board of directors, with their terms expiring at the 2028 annual meeting. The nominees included Kenneth S. Ansin, George L. Duncan, Jacqueline F. Moloney, Michael T. Putziger, Carol L. Reid, and Nickolas Stavropoulos. The election results showed strong support for each nominee, with the majority of votes cast in favor and minimal opposition or abstentions. Additionally, there were a significant number of broker non-votes for each nominee. The board’s leadership has overseen a remarkable track record of 20 consecutive years of dividend increases, as highlighted by InvestingPro analysis.

In the advisory "Say on Pay" vote, shareholders expressed their approval of the compensation plan for the company’s named executive officers. The results indicated a substantial majority in favor, with 7,413,638 votes for, 535,583 against, and 76,663 abstentions, alongside 1,587,420 broker non-votes.

Finally, the appointment of RSM US LLP as Enterprise Bancorp’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified by shareholders. The accounting firm received an overwhelming number of votes in favor, with 9,187,849 for the ratification, 399,245 against, and 26,211 abstentions.

The results of the meeting, based on the press release statement, reaffirm the shareholders’ confidence in the company’s leadership and strategic direction. Trading at a P/E ratio of 11.75 with an 8% revenue growth and current dividend yield of 2.59%, the bank continues to demonstrate solid financial performance. The detailed vote tallies for each agenda item reflect a transparent process and active shareholder engagement in the governance of Enterprise Bancorp Inc. For deeper insights into Enterprise Bancorp’s financial health and additional ProTips, investors can explore InvestingPro’s comprehensive analysis platform.

In other recent news, Enterprise Bancorp has declared a quarterly dividend of $0.25 per share, payable on June 2, 2025, to shareholders of record as of May 12, 2025. This announcement underscores the company’s commitment to returning value to its shareholders and signals confidence in its financial position. Additionally, Enterprise Bancorp’s shareholders have approved a merger with Independent Bank (NASDAQ:INDB) Corp., with the decision confirmed during a special virtual meeting. The merger, initially announced in December 2024, is anticipated to expand the reach and services of Independent Bank Corp. in the region. Furthermore, Enterprise Bancorp has introduced its 2025 Variable Compensation Incentive Plan for employees, including executive officers, ahead of the merger. The plan is designed to reward employees based on the bank’s performance and individual achievements, with incentive payouts capped at 150% of target levels. The Board of Directors has also approved restricted stock grants for executive officers, with vesting tied to specific earnings criteria. These developments are part of the company’s strategy to align executive compensation with shareholder interests and long-term performance.

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